Inflation hits 9.1%

Portugal’s inflation rate hit 9.1% in July according to the country’s National Statistics Institute. (INE)

It was the greatest like-for-like price variation since November 1992. However, the variation of prices month-on-month was practically zero (-0.04%), in other words there was hardly any variation in prices felt from June to July.
Energy costs contributed towards the greatest rise in the inflation rate in July: the price variation index in this category skyrocketed 31.19% on the same month in 2021. However, this increase slowed compared to June 2022 (31.66%) which was the greatest percentage increase since 1984. In this group of products, the month-on-month variation in prices increased 1.02% — compared to a MoM increase of 1.11%.
Non-processed food products were 13.22% more expensive, an increase that was above the 11.95% seen in June 2022. The MoM variation was 1.02% (from May to June the increase was 1.11%).
Since September 2021 (+1.48%) the price variation index has risen consecutively. July was the 10th consecutive month of price increases for consumers.